v3.25.2
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Discontinued Operations [Abstract]    
Schedule of Condensed Consolidated Balance Sheets

The following tables present the balance sheets and the results of operations of the Company classified as discontinued operations for the periods presented:

   March 31,   December 31, 
   2025   2024 
   (Unaudited)   (Audited) 
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents  $14,533   $148,679 
Customer custodial funds   1,260,839    811,265 
Customer digital currency assets   813,165    22,930 
Digital assets   407    550 
Due from affiliates   
-
    50,768 
Other current assets   38,176    54,860 
           
TOTAL CURRENT ASSETS   2,127,120    1,089,052 
           
NON-CURRENT ASSETS:          
Intangible assets, net   11,646    14,887 
           
TOTAL NON-CURRENT ASSETS   11,646    14,887 
TOTAL ASSETS  $2,138,766   $1,103,939 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $526,045   $504,249 
Customer custodial cash liabilities   2,221,182    972,941 
Customer digital currency liabilities   9,057    10,514 
Due to affiliates   515,406    479,608 
Loans payable - related parties, current   704,043    682,875 
Interest payable - related parties, current   245,008    203,755 
Accrued expenses and other current liabilities   214,495    308,567 
           
TOTAL CURRENT LIABILITIES   4,435,236    3,162,509 
           
NON-CURRENT LIABILITIES:          
Loan payable - related parties, net of current portion   17,906    17,368 
           
TOTAL NON-CURRENT LIABILITIES   17,906    17,368 
           
TOTAL LIABILITIES   4,453,142    3,179,877 

The following tables presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the Company classified as discontinued operations as of the periods presented:

 

   December 31,   September 30,   September 30, 
   2024   2024   2023 
Cash  $148,679   $3,305   $11,470 
Customer custodial funds   811,265    31,781    672,500 
Customer digital currency assets   22,930    615,362    
—
 
Due from affiliates   50,768    35,046    2,039,274 
Notes receivable, related parties, net   
—
    
—
    162,820 
Other classes of current assets that are not major   55,410    35,756    26,644 
Total current assets   1,089,052    721,250    2,912,708 
Other classes of non-current assets that are not major   14,887    19,290    33,000 
Total assets  $1,103,939   $740,540   $2,945,708 

 

   December 31,   September 30,   September 30, 
   2024   2024   2023 
Accounts payable  $504,249   $448,307   $138,666 
Customer custodial cash liabilities   972,941    827,589    1,443,011 
Customer digital currency liabilities   10,514    23,605    
—
 
Due to affiliates   479,608    537,053    5,552,931 
Loan payable, related parties, current   682,875    720,515    
—
 
Interest payable, related parties, current   203,755    169,052    
—
 
Accrued expenses and other current liabilities   308,567    357,835    208,228 
Total current liabilities   3,162,509    3,083,956    7,342,836 
Loan payable – related parties, net of current portion   17,368    26,362    150,619 
Interest payable – related parties, net of current portion   
—
    2,474    1,208 
Total liabilities  $3,179,877   $3,112,792   $7,494,663 
Schedule of Consolidated Statements of Operations and Comprehensive Loss
   For the Three Months Ended
March 31,		 
   2025   2024 
REVENUES        
Revenue - financial services  $187,469    259,757 
Total revenues   187,469    259,757 
           
COSTS OF REVENUES          
Cost of revenue - financial services   22,132    63,196 
Total costs of revenues   22,132    63,196 
           
GROSS PROFIT (LOSS)          
Gross profit (loss) - financial services   165,337    196,561 
Total gross profit (loss)   165,337    196,561 
           
OPERATING EXPENSES:          
Advertising   
-
    20,568 
Professional fees   105,227    206,660 
Compensation and related benefits   134,640    239,848 
Amortization of intangible assets   3,275    3,466 
Other general and administrative   74,210    60,693 
           
Total operating expenses   317,352    531,235 
           
LOSS FROM OPERATIONS   (152,015)   (334,674)
           
OTHER (EXPENSE) INCOME:          
Interest expense - related parties   (80,703)   (308)
Other income (expense)   49,963    766 
           
Total other income (expense), net   (30,740)   458 
           
LOSS BEFORE INCOME TAXES   (182,755)   (334,216)
           
INCOME TAXES   
-
    
-
 
           
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS  $(182,755)  $(334,216)

The following table presents the results of operations of the Company classified as discontinued operations for the periods presented:

 

   Three months ended
December 31,		   For the Years Ended
September 30,		 
   2024   2024   2023 
REVENUES            
Revenue - general support services - related party  $
—
   $4,800,000   $19,200,000 
Revenue - financial services   403,558    1,113,461    2,097,642 
Total revenues   403,558    5,913,461    21,297,642 
                
COSTS OF REVENUES               
Cost of revenue - general support services - related party   
—
    4,650,000    18,775,000 
Cost of revenue - financial services   42,944    264,945    2,865,783 
Total costs of revenues   42,944    4,914,945    21,640,783 
                
GROSS PROFIT (LOSS)               
Gross profit - general support services - related party   
—
    150,000    425,000 
Gross profit (loss) - financial services   360,614    848,516    (768,141)
Total gross profit (loss)   360,614    998,516    (343,141)
                
OPERATING EXPENSES:               
Advertising   91    44,488    15,243 
Professional fees   187,006    747,252    857,364 
Compensation and related benefits   159,240    825,315    702,625 
Amortization of intangible assets   3,370    13,813    8,549 
Bad debt expense – related parties   
—
    6,141,000    650,285 
Other general and administrative   75,534    300,071    226,262 
Impairment loss   
—
    
—
    
 
 
Total operating expenses   425,241    8,071,939    2,460,328 
                
LOSS FROM OPERATIONS   (64,627)   (7,073,423)   (2,803,469)
                
OTHER (EXPENSE) INCOME:               
Interest expense - related parties   (82,186)   (162,621)   (1,213)
Loss on extinguishment of vendor obligations   
—
    
—
    
 
 
Gain on extinguishment of vendor obligations   
—
    
—
    
 
 
Gain on termination of GSS GSA – related party   
—
    6,082,962    
 
 
Gain on extinguishment of due to affiliates   
—
    
—
    
 
 
Other (expense) income   (11,162)   12,161    36,568 
Total other (expense) income, net   (93,348)   5,932,502    35,355 
NET LOSS  $(157,975)  $(1,140,921)  $(2,768,114)